KSE-100 rally continues, crosses 46,000 milestone after 600pts jump

July 20, 2023 (MLN): The benchmark KSE-100 index soared to a 15-month high, breaching the 46,000 points mark today, as bulls maintained their strong grip on the market. The index has gained 618 points or 1.36% so far compared to the previous day.

Investors are flocking to risk-on assets as they seek to capitalize on the potential gains.

The rally was led by Commercial Banks with 333 points, Chemical with 75 points, Technology & Communication with 63 points, Food & Personal care products with 32 points, and Power Generation & Distribution with 16 points.

The most points added to the Index were by UBL which contributed 87 points followed by MCB with 50 points, SYS with 46 points, BAFL with 44 points, and BAHL with 42 points.

The most points taken off the Index was by PPL which stripped the Index of 6 points.

The price action in the past few trading sessions had been telling of the current market structure, as bulls successfully managed to defend the key 45,000pts level ever since breaching this level, without a single daily close below this key level.

Copyright Mettis Link News